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Which law provision governs foreclosure in West Virginia?
You can refer about this in West Virginia Code, Chapter 38, Article 1 (Vendor and Trust Deed Liens) inclusive of §38-1 through §38-16-506. Deeds of Trust are referenced in §38-1-1a. Public notice provisions are set forth in other areas of the West Virginia Code, Chapter 59 (References Class II, legal advertisements).
What happens during Judicial Foreclosure in West Virginia?
It involves filing a law suite to obtain a court order. This is done when no power of sale is present in mortgage/deed. The property is auctioned off to the highest bidder.
What happens during Non-Judicial Foreclosure in West Virginia?
Non-judicial foreclosure is conducted only when power of sale clause exists in deed of trust/mortgage. This clause allows borrower pre-authorizes the sale of property to pay off the balance loan in the incidence of their default. In such cases power is given to lender to sell the property by himself or his representative who generally referred as trustee. Guidelines for such procedure are mentioned under “Guidelines for power of sale foreclosure”.
Guidelines for power of sale foreclosure
If the deed of trust/mortgage contains a power of sale clause with specified time, place and terms of sale, then it should be followed.
Otherwise Non-judicial foreclosure is conducted as follows:
A notice of sale should be posted on the front house of the door of the courthouse where property is located and also in three public places, one of which should be property itself. This should be done 20 days before the sale. It should also be sent to the borrower 20 days before the sale. The notice should be published as a class III legal advertisement in local newspaper of county, once a week for four weeks.
The sale notice should have time/place of the foreclosure, names of parties in the deed, date of the deed, recording information, a property description, and terms of the sale. Unless the deed specifies the terms of sale, the winning bidder must pay one-third (1/3) of the bid amount in cash at the sale.
This is legal information; it should not be treated as legal advice.
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